A Three-Factor Model of Inclusive, Sustainable and Resilient Economic Development for Developing Countries
Applied Economics and Finance Vol. 3, No. 4; November 2016 ISSN 2332-7294 E-ISSN 2332-7308 Published by Redfame Publishing URL: http://aef.redfame.com A Three-Factor Model of Inclusive, Sustainable and Resilient Economic Development for Developing Countries Samuel O. Okafor1, Kenneth Jegbefumwen2, Olisaemeka D. Maduka1& Ambrose C. Okeke1 1 Department of Economics, NnamdiAzikiwe University, Awka, Anambra State, Nigeria. 2 Department of Economics, Novena University, Kwale, Delta State, Nigeria. Correspondence: Samuel O. Okafor, Department of Economics, NnamdiAzikiwe University, P.M.B. 5025, Awka, Anambra State, Nigeria. Received:June 12, 2016 Accepted:June 27, 2016 Available online:July 7, 2016 doi:10.11114/aef.v3i4.1723 URL: http://dx.doi.org/10.11114/aef.v3i4.1723 Abstract Nigeria had adopted various development plans in order to achieve MDGs.Achievement of MDGs is crucial to effective implementation of SDGs agenda aimed at fostering inclusive, sustainable and resilient economic development. In spite of these efforts, the Nigerian economy is still characterized by low capital formation, chronic unemployment, a large percentage of the population living on primary sector and negligible savings. Indeed, Nigeria’s performance in MDGs was quite unimpressive. This is partly attributable to inappropriate human capital theory of economic growth on which these development plans were based. Therefore, this study focused on building a model of inclusive, sustainable and resilient economic development which would yield potent factors and describe activities that could link human capital investment with aggregate economic activities to induce economic development with full participation of target population. The study covered the period, 1981 - 2014. Data were sourced from Central Bank of Nigeria, National Bureau of Statistics and World Development Indicators.
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